Status is a mobile Ethereum browser that gives secure access to decenteralized applications (dApps) running on the blockchain. Status and services like it are what will allow the most disruptive applications to finally reach the hands of many more users.
Status.im is an open source messaging platform and browser that is able to interact with Web3 applications on the Ethereum Network. They have both iOS and Android Alpha builds for testing and will be releasing betas soon. Their ICO begins June 17th. They have a working product and are very highly regarded in the community.
Status is not an app, it is decentralized service that will be owned by its users - the mobile Ethereum browser is just the tip of the iceberg.
You can view their white paper here for more details.
I have had the pleasure to alpha test their iOS application for the past few months and I have to say there is a lot of polish in both the speed and the quality of the animations. The application really makes it easy to interact with Ethereum applications - I would choose the UX over Mist any day.
I believe this application has a Venmo-like social component that is going to be crucial to the mainstream adoption of decentralized payment alternatives. Users will be on-boarded with a simple payment or chat use-case and eventually progress into the wide world of decentralized applications under development.
Users want easy Venmo payments. - they will get a decentralized web browser and use it, all without a strict interest in decentralization
The token
The Status token launch, like many more before, is attempting to ensure the most access to the sale as possible. They do not want a sale like BAT, over in two blocks. Distribution is one of the most important parts of ensuring a decentralized application remains decenteralized and that the incentives within the network remain aligned with the community. The launch of the Status Network Token (SNT) should certainly be better than BAT but only time will tell if the sale is not taken by the whales.
SNT serves as an important incentive governance token and is required for the following Status functions:
- Governance over the Status Client
- Username registration over ENS
- Community curation and content discovery
- A Decentralized Push Notification Market
- The Status Teller Network
- The Status Sticker Market
- The Status DApp Directory
- Access to features such as Tribute to Talk
- The Status Acquisition Engine (Research)
Our goal is maximise both quantity and quality of token-holders. With Status Genesis Tokens we address quality by subjectively allocating tokens to those who have supported decentralisation, and with Dynamic Ceilings we attempt to favour smaller contributors over large ones, addressing quantity.
-Status Blog
The status team has created the Status Genesis Token (SGT) to support the users who have helped Status grow. SGT allows Status to reward those who have helped the network in less-tangible and non-monetary ways. SGT tokens will be distributed to those who prove they have helped grow, or are a part of the greater Status community. There is a bot in their #status Slack channel that will guide you with the process.
In the current crowd sale contribution period up to 51% of the total supply of SNT will be distributed. A maximum of 10% will be allocated as SGT.
The first Contribution Period will begin on June 17th. This sale is unique, using a Dynamic Ceilings approach designed to add difficulty to large contributors and favor smaller contributors. Dynamic Ceilings at a high level make large contributions more costly in the form of transaction fees because larger contributors would need to send many small transactions because of the ceiling.
There have been some concerns that token sales like this could encourage users to send transactions many times over. This may be too much for the network to handle at this point in time, causing problems. While the format Status has chosen is certainly not perfect, I think it is awesome that the community is putting so much effort into ensuring each ICO runs better than the next. Problems might arise but hopefully nothing like the issues of developer holdings and contributor numbers plague the Status launch. I think the Status team have chosen a model better than other big-name ICOs like BAT and GNO.
See the Status Blog for more details on the Dynamic Ceiling approach.
Read more about SGT from the blog post: Encoding the Status 'Genesis Block'
There is a fantastic video just released today showing off the app and how they envision users interacting with applications. The example that resonates most with me is when the actor makes use of stablecoin tech; using a secure mobile application to make a trade (on a decentralized exchange!) between a gold token and a stabilized crypto-asset like Maker. That is the future.
Applications like Status.im give users access to a web of decentralized applications that provide tremendous transactional and financial freedoms. These are freedoms only possible with decentralized financial services. Stay tuned for more information on the Status network after the launch on June 17th!
As always, stay decentralized,
-Kyle
